Home CryptocurrencyAltcoin Cathie Wood's ARK Bitcoin ETF Sees Record Outflow of $87 Million, Outperforming GBTC

Cathie Wood's ARK Bitcoin ETF Sees Record Outflow of $87 Million, Outperforming GBTC

by SuperiorInvest

Cathie Wood's ARK 21 Shares Bitcoin (BTC) exchange-traded fund (ETF) has seen over $87 million in daily outflows, marking the first time the fund has witnessed a larger daily outflow than the Grayscale's Bitcoin Trust (GBTC) since the spot's launch. Bitcoin ETF in the United States.

Ark 21Shares fu (ARKB) outflow was $87.5 million on April 2 (approximately 1,300 BTC) according to preliminary data from Farside Investors.

Today marked the second consecutive day of capital outflows for ARKB, which lost $300,000 in assets on its first day of capital outflows on April 1.

Grayscale, which has seen consistent outflows every trading day since converting to a spot ETF, recorded another daily outflow of $81.9 million.

The Bitcoin ETF flows in dollars. Source: Farside Investors

Notably, this was a relatively low exit day for GBTC, which has lost an average of $254 million per day over the last five trading days. Grayscale has lost around $15.1 billion in total over the past three months.

An inflow of $150.5 million to BlackRock's fund resulted in a net aggregate inflow of $40.3 million for the day despite exits from ARKB and GBTC.

Despite the last two days of capital outflows, ARKB remains the third largest of the ten recently launched spot ETFs (excluding Grayscale) with $2.2 billion in assets under management (AUM).

ARKB trails BlackRock and Fidelity funds, which have respective assets under management of $14.1 billion and $7.6 billion.

ARKB is also the sixth largest holder of BTC among funds, corporations and miners, and currently has a total of 44,662 BTC on its books, according to data by HODL15Capital.

Fountain: HODL15Capital

Despite losing a staggering 291,000 Bitcoin since converting to an ETF, GBTC still leads the pack in terms of total Bitcoin held, with around 329,000 Bitcoin on its books at press time.

Related: New Bitcoin ETFs Now Hold 500,000 BTC, While GBTC Outflows Slow

Bitcoin's price has been falling since the beginning of this month, falling about 9% from last week's high of $71,500 and briefly dipping below $65,000 on April 3 amid rising ETF outflows.

On April 2 mail According to X, Bloomberg ETF analyst Eric Balchunas highlighted the launch of the first 2x and -2x leveraged spot Bitcoin ETFs. ProShares-based funds trade under the tickers BITU and SBIT.

“It looks like these two ETFs will be among the top 5 most volatile US ETFs (out of 3,400) with a standard deviation of about 150%,” he added.

Fountain: Eric Balchunas

Balchunas too noted that Bitcoin ETFs traded around $111 billion in volume in March, nearly triple what they did in February and January combined.

Magazine: Bitcoin ETFs make Coinbase a 'honeypot' for hackers and governments: Trezor CEO

Updated (4:55 am UTC): This article has been updated to include input data from BlackRock.

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